Once the level starts, head forward. Pass the bats and eels, then fall into the spider cave. You can slide down the wall on the right to avoid taking damage. Cut the webs along the right, climb up the web strand, and continue down the tunnel. Cross the 3 hanging web strands, then continue until you reach Balfor.
Once you've reached Balfor, you'll be doing a ledge clip to skip most of the level:
Climb up and ride the minecart. Hit all three of the minecart switches (don't spam, as this will actually slow you down). Once you're off the minecart, head down the tunnel. You can do a long-jump to slide up the last wall, right before grabbing the Ring.